First Midwest Bancorp (ONBPP) S-3ASR Automatic shelf registration

Exhibit 12.1

First Midwest Bancorp, Inc.
Ratio of Earnings to Fixed Charges (1)

(Dollar amounts in thousands)

	Six Months Ended June 30,						Years Ended December 31,
	2016			2015			2015			2014			2013			2012			2011
Ratio 1 - Including Interest on Deposits
Earnings available for fixed charges:
Net income (loss) from continuing operations	$	43,229		$	42,456		$	82,064		$	69,306		$	79,306		$	(21,054	)	$	36,563
Add:
Income tax expense (benefit)	21,593			19,657			37,747			31,170			48,715			(28,882		)	4,508
Fixed charges	14,581			12,476			26,275			24,405			28,134			36,011			40,936
Total earnings available for fixed charges	$	79,403		$	74,589		$	146,086		$	124,881		$	156,155		$	(13,925	)	$	82,007
Fixed charges (2):
Interest on deposits	$	4,866		$	4,927		$	9,527		$	10,377		$	11,901		$	18,052		$	27,256
Interest on borrowed funds	2,815			136			2,314			573			1,607			2,009			2,743
Interest on senior and subordinated debt	5,721			6,278			12,545			12,062			13,607			14,840			9,892
Total interest expense	13,402			11,341			24,386			23,012			27,115			34,901			39,891
Portion of rental expense representative of interest factor	1,179			1,135			1,889			1,393			1,019			1,110			1,045
Total fixed charges	14,581			12,476			26,275			24,405			28,134			36,011			40,936
Preference security dividend (3)	—			—			—			—			—			—			12,105
Total fixed charges and preferred stock dividends	$	14,581		$	12,476		$	26,275		$	24,405		$	28,134		$	36,011		$	53,041
Ratio of earnings to fixed charges	5.45		x	5.98		x	5.56		x	5.12		x	5.55		x	(0.39		)x	2.00		x
Ratio of earnings to combined fixed charges and preferred stock dividends	5.45		x	5.98		x	5.56		x	5.12		x	5.55		x	(0.39		)x	1.55		x
Ratio 2 - Excluding Interest on Deposits
Earnings available for fixed charges:
Net income (loss) from continuing operations	$	43,229		$	42,456		$	82,064		$	69,306		$	79,306		$	(21,054	)	$	36,563
Add:
Income tax expense (benefit)	21,593			19,657			37,747			31,170			48,715			(28,882		)	4,508
Fixed charges	14,581			12,476			16,748			14,028			16,233			17,959			13,680
Total earnings available for fixed charges	$	79,403		$	74,589		$	136,559		$	114,504		$	144,254		$	(31,977	)	$	54,751
Fixed charges (2):
Interest on borrowed funds	$	2,815		$	136		$	2,314		$	573		$	1,607		$	2,009		$	2,743
Interest on senior and subordinated debt	5,721			6,278			12,545			12,062			13,607			14,840			9,892
Portion of rental expense representative of interest factor	1,179			1,135			1,889			1,393			1,019			1,110			1,045
Total fixed charges	9,715			7,549			16,748			14,028			16,233			17,959			13,680
Preference security dividend (3)	—			—			—			—			—			—			12,105
Total fixed charges and preferred stock dividends	$	9,715		$	7,549		$	16,748		$	14,028		$	16,233		$	17,959		$	25,785
Ratio of earnings to fixed charges	8.17		x	9.88		x	8.15		x	8.16		x	8.89		x	(1.78		)x	4.00		x
Ratio of earnings to combined fixed charges and preferred stock dividends	8.17		x	9.88		x	8.15		x	8.16		x	8.89		x	(1.78		)x	2.12		x

(1)The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.”

(2)“Fixed charges” consist of interest on outstanding debt plus one-third (the proportion deemed representative of the interest factor) of operating lease expense.

(3)This is computed as the amount of the preferred dividend divided by (1 minus the effective income tax rate applicable to continuing operations).